Fireworks to be expected


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The controversial and outspoken author Martin Amis is one of the guest speakers appearing on day one of the second Emirates Airline Festival of Literature in Dubai on Wednesday. The organiser, Isobel Abulhoul, says she is not concerned that remarks he has made about euthanasia and Islamist terrorism will overshadow the event. Last year, Margaret Atwood withdrew from the festival in a row over censorship, but later apologised and said she had been misinformed about the facts.

This year Amis, whose latest novel, The Pregnant Widow, has just been published, has been at the centre of several flurries of adverse comment, one over his satirical remarks about wanting euthanasia booths on every street corner. Abulhoul does not see it as an issue. "I think being in the news always raises the profile of an event. I was invited to a festival in Melbourne recently and everyone from all over the world knew about the EAIFL festival last year and wanted the inside story. I wouldn't say controversy is good but being in the public eye is. I don't think it will overshadow the event.

"As far as Martin Amis is concerned, we have already had a lot of interest from local journalists but they don't seem to see it as an issue. I think his session will be well attended and I'm sure there will be fireworks but isn't that what it's all about?" The festival opens with a session, called Read the Future, involving Emirati children's authors whose books have been published since last year. Abulhoul says she is particularly proud to have helped 15 new authors get their books into print.

"We have chosen them to be our opening session because we think it's amazing progress and such an optimistic message to writers who are not yet published. "They just came knocking at my door as a result of the festival last year. There was a project going on at Dubai Women's College between two departments. They had written children's books and collaborated with other faculties to illustrate them. When I saw them I thought they had huge potential although they needed work. Some of the authors were teachers and some students. The books will be launched at the festival.

"Then we have Andy Smart who is working with the Bloomsbury Foundation to get children's books translated into Arabic. "I think we have turned a new page but still staying true to the original vision that we will give a platform to writers from this part of the world." One of Abulhoul's personal favourites is by the new Emirati author Ghauda Hallami, called The Smallest Hump, about a camel. "She grew up on a farm with camels and the book is about one that was different from the others. I grew up being teased about my height and reading this lovely little book makes you think you are not alone being different. She just wanted to let children know that."

Another series is by Reem al Ghurg. "She came to us with seven baby books, about children visiting each of the seven emirates. She had a young child and couldn't find suitable stories to read to her child." A session on Friday featuring Emirati poets is another favourite, along with one on the opening day called Looking Back With Love, featuring Dubai poetry from the 18th and 19th centuries translated into English.

Says Abulhoul: "I feel that it is something that needs to be recognised and doesn't get showcased enough. It's important that we are bringing in well-known and revered authors from all over the world, but we mustn't lose sight of the people who belong here. This is really their festival."

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

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Man of the Match: Djibril Sidibe (Everton)

Men's football draw

Group A: UAE, Spain, South Africa, Jamaica

Group B: Bangladesh, Serbia, Korea

Group C: Bharat, Denmark, Kenya, USA

Group D: Oman, Austria, Rwanda

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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The biog

Prefers vegetables and fish to meat and would choose salad over pizza

Walks daily as part of regular exercise routine 

France is her favourite country to visit

Has written books and manuals on women’s education, first aid and health for the family

Family: Husband, three sons and a daughter

Fathiya Nadhari's instructions to her children was to give back to the country

The children worked as young volunteers in social, education and health campaigns

Her motto is to never stop working for the country

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

UAE currency: the story behind the money in your pockets
The bio

Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.

Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.

Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.

Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Warlight,
Michael Ondaatje, Knopf